Week 13/01 – 17/01

Company acv.vn, baf.vn, dgw.vn, kbc.vn, pet.vn, pvs.vn, ree.vn, tpb.vn, vcb.vn, vic.vn, vnm.vn, vtp.vn

ACV VN: The Nghe An Provincial People’s Committee has approved leasing over 5.97 hectares of land to ACV for the expansion and renovation of the aircraft parking area at Vinh International Airport with total investment value at over VND233.6 bn.

Comment: This long-awaited project finally comes to fruition.

BAF VN: acquired 60% stakes in two Binh Phuoc province-based livestock firms, Minh Phat and Nhat Quyet with charter capital of VND60 bn each. Since October 2024, BAF has conducted M&A deals with 11 livestock companies across multiple provinces.

DGW VN: Digiworld Venture Co., Ltd., owned entirely by DGW, will be divided into two entities: Digiworld Venture (charter capital: VND212 bn) and Nexta Capital (charter capital: VND390 bn).

Comment: Never liked it when a company decides to do VC investing (if that’s what DGW Is aiming for)

KBC VN: Deputy PM Tran Hong Ha approved the Trang Due 3 Industrial Park project in Hai Phong, spanning 653 hectares with over VND8,094 bn investment. The investor is Saigon – Hải Phòng Industrial Park Corporation (SHP), 89.26% owned by KBC.

PET VN: VietinBank Capital increased its stake in PET to 9.37% after acquiring 5 mn shares on January 8th.

PVS VN: Vietnam Investment Property Holding Limited plans to sell 8 mn PVS shares between January 13th and February 11th, potentially reducing its stake from 2.45% to 0.77%.

REE VN: plans to sell 3.8 mn NBP shares (29.45% ownership) between January 17th and February 14th for portfolio restructuring. The transaction could generate an estimated VND55 bn.

TPB VN: received a credit facility totaling $220 mn from DFC (USA) and JICA (Japan) to promote financing for small and medium-sized enterprises, especially women-led businesses and low-income customers in Vietnam.

VCB VN: plans to increase its charter capital by issuing nearly 2.77 bn shares to pay a 49.5% stock dividend, with a total value of approximately VND27,666 bn.

VHM VN: Deputy PM Tran Hong Ha approved the Nam Trang Cat Industrial Park project in Hai Phong. Spanning over 200 hectares, the project involves an investment of nearly VND2,253 bn and will last 50 years starting January 14, 2024. The investor is Vinhomes IZ.

VIC VN: SK Investment Vina II plans to sell over 50.8 mn VIC shares between January 16th and February 14th reducing its stake from 6.05% to 4.72%. Also, VinFast issued 5,000 bonds worth VND500 bn domestically from December 30th, 2024, to January 6th, 2025. The 2-year bonds, maturing on December 30, 2026, have a fixed interest rate of 13.5% per annum.

VIC VN: approved the establishment of VinMotion which specializes in the research, development, and application of multifunctional robotics with total charter capital of VND1,000 bn and holding a 51% stake in VinMotion.

Comment: And they’re still not bankrupt?

VNM VN: F&N Dairy Investments, associated with Thai bnaire Charoen Sirivadhanabhakdi, plans to acquire nearly 20.9 VNM shares between January 17th and February 14th, with an estimated investment of up to VND1,300 bn.

VNM VN: The mega dairy farm project by the Lao-Jagro joint venture is expected to have a total investment of up to $500 mn across two phases. VNM has received approval to increase its investment in the joint venture to $85.2 mn.

Comment: Let’s see…when you look at volume growth of VNM it doesn’t quite match up with the GDP numbers…

VTP VN: will establish a new logistics company in Guangxi, China, contributing $1.37 mn in cash. This move aligns with its logistics development strategy under Viettel Group.

Comment: I bang my head against the wall w/ this name…was in @ 50s, sold out in 60s…it’s now 150+…

Country

• Vietnam’s 5% broken rice price has fallen to USD434 per ton, the lowest in four years, posing challenges for businesses and farmers.
• Hanoi’s total import-export turnover reached USD60.1 bn in 2024, up 11% yoy, according to the Hanoi Department of Industry and Trade.
• The Ministry of Finance (MoF) last week reported that in 2024, the total state budget recorded a surplus of USD8.62 bn, which is in stark contrast to a figure of about USD15 bn as targeted earlier. The big gap means accurate forecasts and planning remain problematic.
• Disbursed foreign capital in Vietnam reached an all-time high in 2024, estimated at USD25.35 bn, an on-year increase of 9.4 %, the General Statistics Office announced on January 6. This achievement comes from the efforts of local authorities and industrial park (IP) developers to accompany and support investors in resolving issues.
• Vietnam’s GDP grew 7.55% in Q4/2024, leading to an annual growth of 7.09%. Manufacturing, services, and robust foreign trade were key drivers, with semiconductor sales bolstering momentum. UOB has raised Vietnam’s 2025 GDP growth forecast to 7%, acknowledging both strong carryover momentum and potential risks from global trade tensions.
• The Ho Chi Minh City Stock Exchange (HOSE) announced the HOSE-Index version 4.0, effective March 2025, introducing stricter liquidity criteria, post-tax profit requirements, and a 40% cap on sector weights for the VN30 Index. These changes aim to improve liquidity, ensure strong company fundamentals, and balance industry representation. The financial sector, currently dominating the VN30 Index, will see its weighting reduced under the new rules.
• Vietnam’s manufacturing sector faced a slowdown in December 2024, with the S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) dropping to 49.8 from 50.8 last month, marking the first time in three months it has fallen below the 50-point threshold.
• Four major state-run Vietnamese banks — Vietcombank, BIDV, Agribank, and VietinBank — achieved a combined PBT of nearly USD5 bn in 2024 despite economic challenges.
• More than 494,000 automobiles were sold in Vietnam last year, a yoy increase of 22%, thanks to a boom in sales in the fourth quarter.
• The northern province of Bac Ninh emerged as Vietnam’s top destination for foreign direct investment (FDI) in 2024, attracting nearly US$5.12 bn, accounting for 13.4% of the national total, according to the General Statistics Office.
• The SBV made a net withdrawal of nearly VNĐ52.6 tn (USD2.07 bn) from the interbank market last week, according to data from WiChart, the largest financial database in Việt Nam.
• Ha Noi’s total import-export turnover reached US$60.1 bn in 2024, up 11% year-on-year.
• South Korea’s Kolon Industries has revealed it will invest 30 bn won ($20.5 mn) in a tire cord factory to scale up its manufacturing capacity in Vietnam.

Financials:

• BFC VN: recorded, in Q42024, revenue of VND2,500 bn (+12% YoY) and PBT of VND125 bn (+85% YoY). For 2024, BFC recorded revenue of VND9,500 bn (+9% YoY) and PBT of VND531 bn (+170% YoY), exceeding 33% of revenue plan and 153% of PBT target.
• BWE VN: estimated, in 2024, revenue of VND4,387 bn (+10% YoY) and PAT of VND570 bn (-5% YoY), completing 107% of revenue plan and 81% of PAT target.
• MBB VN: recorded, in 2024, revenue of VND47,400 bn (+21% YoY), PBT of VND27,600 bn (+12 YoY) and total assets of VND1,000 tn (+18% YoY)
• HCM VN: plans a dividend payout of nearly VND360 bn at the rate of 5%, with an ex-dividend date of February 4th and payment on February 28th.
• HHV VN: recorded, in 2024, revenue of VND11,245 bn (+28% YoY) and PAT of VND460 bn (+15% YoY), exceeding 9% of revenue plan and 3% of PAT target.
• LPB VN: recorded, in 2024, PBT of VND12,168 bn (+73% YoY) and total assets of VND508,000 bn (+33% YoY), completing 116% of PBT plan.
• PLX VN: estimated, in Q42024, revenue of VND59,931 bn (-17% YoY) and PBT of VND300 bn (-65% YoY). For 2024, PLX estimated revenue of VND270,000 bn (-1.5% YoY) and PBT of VND3,500 bn (-11% YoY), completing 144% of revenue plan and 121% of PBT target. 
• PVT VN: sets, in 2025, revenue target of VND10,300 bn (-14% YoY) and PBT of VND1,200 bn (-33% YoY).
• TDM VN: announced a 14% interim cash dividend for 2024. The record date is February 12th, with the ex-dividend date on February 11th. The payment date is expected to be July 2nd.
• VCB VN: recorded, in 2024, PBT of VND41,000 bn and total assets of VND1,530 tn (+8% YoY), completing 100% of the year plan.
• VOS VN: recorded, in Q42024, revenue of VND1,794 bn (+97% YoY) and PBT of VND3 bn (-98% YoY). For 2024, VOS estimated revenue of VND6,033 bn (89% YoY) and PBT of VND416 bn (+2 times higher than YoY), exceeding 47% of revenue plan and 29% of PBT target.